USDC — a stablecoin pegged to the U.S. dollar — has exceeded $10 billion in total supply for the first time.
USDC is now the second-largest stablecoin by supply, coming in at $10.7 billion. In addition to Ethereum, USDC also runs on the Algorand, Solana and Stellar blockchains.
Tether (USDT) remains the largest stablecoin by supply, with roughly $40.6 billion in total supply.
Additional data collected by The Block shows that USDC currently encompasses 16.69% of the total stablecoin supply, compared to USDT's 69.95%.
As The Block Research’s new stablecoin report shows, CENTRE, a consortium jointly founded between Coinbase and Circle, first issued USDC in September 2018. Funding to further develop the stablecoin has since reached $45 million.
USDC is most commonly used in North American timezones, according to the stablecoin report, whereas Tether continues to dominate in the Asia-Pacific region.